BLUR Price Drops Strongly After Airdropping 360M Tokens

Key Points:

• NFT Blur has officially launched BLUR token after months of waiting
• However, BLUR price immediately dropped sharply after the massive airdrop program took place last night.
• The BLUR airdrop event caused Ethereum users to rush to claim tokens, causing transaction fees on the ETH network to rise locally to their highest levels since the FTX crash.

As mentioned in an earlier Coincu News article, after months of anticipation, the Blur free non-fungible token (NFT) market, the biggest challenger to market leader OpenSea, recently launched its native token on Tuesday. However, after the airdrop program, the BLUR price suddenly dropped.

The event that the NFT investment community has been looking forward to since the end of January until now is the release of BLUR tokens by NFT Blur and an airdrop for early supporters.

Accordingly, those who have participated in NFT listing and trading on Blur since the project was launched in October 2022 will have the opportunity to receive NFT “Care Packages” with a different rarity. These NFT packages, as of 1:30 pm ET on February 14, 2023, will be unlocked and give holders the right to receive the corresponding amounts of BLUR tokens.

BLUR will be allocated as follows:

• 1.53 billion BLUR (51%) to the community, which the community will vote on to use over the next four years, with an annual allocation of 40%, 30%, 20%, and 10%, respectively;
• 867.6 million BLUR (29%) to project contributors, unlocked over four years;
• 565.6 million BLUR (18.8%) for investors, opened gradually over four years;
• 36.7 million BLUR (1.2%) for the advisor team, unlocked gradually over 4-5 years.

Blur will airdrop 360 million BLURs to users, representing 12% of the total 3 billion token supply. Investors will have 60 days to unlock Care Packages and receive their tokens. However, according to data from Dune Analytics, as of the time of writing, more than 78% of the airdrop tokens have been claimed by users.

Except for Binance, almost all other major cryptocurrency exchanges have listed BLUR, including Coinbase, OKX, Bybit, Huobi, MEXC, Kucoin, Gate.io, Bitget, Bitmart, etc.

According to data from TradingView, after opening the floor at a price of up to 5 USD, BLUR was heavily dumped by airdrop recipients and temporarily moved sideways in the range of 0.5 USD – 0.7 USD. BLUR’s trading volume in the past hours is more than half a billion USD.

The BLUR airdrop event caused Ethereum users to rush to claim tokens on the morning of February 15, causing transaction fees on the ETH network to rise locally to their highest levels since the FTX crash.

The amount of ETH burned in the past 24 hours has also skyrocketed when Ethereum gas fees are pushed up, with the Blur transaction burning to 406 ETH, further causing the Ethereum network to be deflated.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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